Your shout

19 September 2012 By Wayne Arnold

Bangkok moguls have blessed Heineken’s bid for Asia Pacific Breweries, clearing the way for a large cash payout to 40 pct shareholder Fraser & Neave. But the Thais still want to buy the rest of the Singaporean conglomerate. Its board needs to convince investors to hold out.

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Charoen Sirivadhanabhakdi’s Thai Beverage and TCC Assets have agreed to support the sale of Singapore conglomerate Fraser and Neave’s (F&N) 40 percent stake in Tiger beer maker Asia Pacific Breweries Ltd (APB) to Heineken, according to a joint statement released on Sept. 18 by Heineken and ThaiBev. In return, Heineken will not make a general offer for shares in F&N, according to the statement.
F&N’s board has backed the deal and its shareholders are due to vote on it at an extraordinary general meeting on Sept. 28.
In August, Heineken offered S$53 ($42) per share for F&N’s 40 percent stake in APB - giving the Singaporean group a total cash payout of S$5.6 billion. The Dutch brewer said it was the company’s final offer.

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